Boston, MA -- (ReleaseWire) -- 05/30/2014 -- BMI View: The pharmaceutical manufacturing industry will continue to be an economic mainstay for Puerto Rico. However, the country is gradually losing attractiveness as a global pharmaceutical production hu b, despite the diversification to the generic and biologic drug production.
Headline Expenditure Projections
- Pharmaceuticals: USD3.02bn in 2013 to USD3.02bn in 2014; +0.2% in local currency terms. Forecast is below the previous quarter's projection due to new historical numbers.
- Healthcare: USD7.76bn in 2013 to USD8.02bn in 2014; +3.4% in local currency terms. Forecast below Q214 due to less promising macroeconomic outlook.
Risk/Reward Rating: Due to its modest size and worsening longer-term outlook, Puerto Rico slipped from the third place in our RRRs for the Americas region down to the fifth after the US, Canada, Brazil and Mexico in Q314. Globally, Puerto Rico ranks highly in terms of its business environment, largely due to its sophisticated IP laws and political stability, although its uncompetitive labour force has increasingly come under scrutiny.
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Key Trends and Developments
- In February 2014, Puerto Rico's Senate plans its investigation of the sudden rise in the cost of generic drugs in the country.
- In January 2014, Mexican drugmaker Neolpharma established a new Development and Innovation Center (CEDIPROF) for new pharmaceutical products in Puerto Rico.
BMI Economic View: The Puerto Rican government's recent oversubscribed USD3.5bn debt issuance significantly lowered the risk of a technical default, which had grown in recent months. We now believe that debt restructuring is unlikely before the end of fiscal year 2015 given the recent boost in liquidity. However, beyond that timeframe, unfavourable population and labour market dynamics, which weigh on fiscal revenue growth, still leave Puerto Rico's debt obligations at high risk of restructuring.
BMI Political View: We see rising scope for social and political tensions to increase in...
The Puerto Rico Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's Puerto Rico Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Puerto Rican pharmaceutical and healthcare industry.
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Puerto Rico to test other views - a key input for successful budgeting and strategic business planning in the Puerto Rican pharmaceutical and healthcare market.
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